Worldcoin has issued an agreement renewal making adjustments to its market maker loans and operator rewards. Worldcoin launched the WLD token on July 24, 2023, and recorded that 34M WLD has been claimed by 800,000 new and existing Orb-verified users in free user grants. This surge according to Worldcoin has led to the steady growth of WLD circulating supply from a “relatively low circulating supply of just above 100M WLD” to 134M WLD.
Also, Worldcoin said, “As of October 22, 2023, the circulating supply is composed of 100M WLD in loans extended to market makers.” Now, Worldcoin has announced it will renew market maker agreements reducing loan amounts. “At launch, World Assets Ltd. entered into loan agreements with five market makers operating outside of the US to ensure sufficient liquidity for WLD traded on centralized exchanges outside the US, price discovery, and price stability,” Worldcoin said.
According to the agreement adjustments, World Assets Ltd is extending the initial loan expiration of October 24, 2023 to December 15, 2023. The deadline extension goes with a reduced loan total amount of 75M and leaves other terms of the agreement unchanged.
Following, Worldcoin Assets said the involved markers will return 25M WLD on October 24, 2023, or purchase any amount of tokens up to the loan amount to be returned. Notably, WLD circulating supply on October 24 will reduce by up to 25M WLD, however will be impacted by the amount of tokens the market makers choose to purchase.
Furthermore, Worldcoin Operators are not left out of the agreement adjustments. Previously, Worldcoin paid its Operators in USDC, and now issues that the reward terms will be changed where the operators will receive rewards in WLD. “During a transitional phase after launch, these Operator rewards were paid in USDC. This transitional phase is now nearing its end, at which point Worldcoin Operators will instead receive rewards in the form of WLD,” Worldcoin said.
Worldcoin operators are participants who operate the biometric imaging device built for the Worldcoin project to verify humanness and uniqueness, and, in turn, receive Operator rewards. This custom device is called Orbs. Additionally, as the Worldcoin transition phase is expected to end in November 2023, all Operators will receive WLD going forward, Worldcoin said.
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